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Tax Tip

Tax break for married couples

David Cameron has launched the Government's new married people's tax allowance which could save some couples up to £212 a year.

From 6 April 2015, more than 4 million married couples and 15,000 civil partnerships will be eligible for the tax break. They will receive the benefit at the end of the tax year in 2016.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The Allowance means a spouse or civil partner who doesn’t pay tax (is not earning at all or is earning below the basic rate threshold of £10,600) can transfer up to £1,060 of their personal tax-free allowance to a spouse or civil partner, as long as the recipient of the transfer doesn’t pay more than the basic rate of income tax.”

Labour's shadow chief secretary to the treasury, Rachel Reeves, said that the marriage tax break would not even help two-thirds of married couples. She added that David Cameron was out of touch if he "thinks people will get married for £3.85 a week".

Labour has previously said it will scrap the move if it gets into power.

If you need any help and advice for your business on Personal Tax or Corporation Tax, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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